We have audited the accompanying standalone financial
statements of Dreamfolks Services Limited (the "Company"),
which comprise the standalone balance sheet as at March
31, 2026, and the standalone statement of profit and
loss (including other comprehensive loss), the standalone
statement of changes in equity and the standalone statement
of cash flow for the year then ended on that date, and notes
to the standalone financial statements, including a summary
of material accounting policies and other explanatory
information (hereinafter referred to as the "standalone
financial statements")

In our opinion and to the best of our information and
according to the explanations given to us, and based on
the consideration of report of other auditor on separate
financial statement and other information of a limited
liability partnership firm, the aforesaid standalone financial
statements give the information required by the Companies
Act, 2013 (the "Act") in the manner so required and give a
true and fair view in conformity with the Indian Accounting
Standards ("Ind AS") specified under section 133 of the Act
and other accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31, 2026,
and its profit (including other comprehensive loss), changes
in equity and its cash flow for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial
statements in accordance with the Standards on Auditing
(SAs), as specified under section 143(10) of the Act. Our
responsibilities under those Standards are further described
in the "Auditor's Responsibilities for the Audit of the
Standalone Financial Statements" section of our report.
We are independent of the Company in accordance with
the 'Code of Ethics' issued by the Institute of Chartered
Accountants of India ('ICAI') read together with the ethical
requirements that are relevant to our audit of the standalone
financial statements under the provisions of the Act and the
Rules made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and
the Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis
for our audit opinion on the standalone financial statements.

Emphasis of Matter

We draw attention to note no 20 of notes to the standalone
financial statements regarding a petition filed on May 15,
2026, subsequent to the balance sheet date, under Section
9 of the Insolvency and Bankruptcy Code, 2016 ("IBC") by
Travel Food Services Limited, an operational creditor of
the Company, before the National Company Law Tribunal,
New Delhi Branch, alleging default in payment and seeking
initiation of Corporate Insolvency Resolution Process
("CIRP") against the Company for an amount aggregating to
approximately INR 114.00 million.

The management has represented that the Company strongly
disputes the aforesaid claims and has taken appropriate
legal steps in respect of the matter. Further, according to
the management, appropriate provisions, as considered
necessary, have already been made in the books of account
and the said matter is not indicative of any financial stress
affecting the going concern status of the Company.

Our opinion is not modified in respect of this matter.

Key Audit Matter

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
standalone financial statements of the current period. These
matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate
opinion on these matters. We have determined that there
are no key audit matters to be communicated in our report.

Information Other than the Standalone Financial
Statements and Auditor's Report Thereon

The Company's Management and board of directors are
responsible for the other information. The other information
comprises the information included in the Company's
annual report but does not include the standalone financial
statements and our auditor's report thereon. The annual
report is expected to be made available to us after the date
of this auditor's report.

Our opinion on the standalone financial statements does not
cover the other information and we do not express any form
of assurance conclusion thereon.

In connection with our audit of the standalone financial
statements, our responsibility is to read the other information
identified above when it became available and in doing
so, consider whether the other information is materially
inconsistent with the standalone financial statements or
our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated.

When we read the annual report, if we conclude that there
is a material misstatement therein, we are required to
communicate the matter to those charged with governance.

Management's and Board of Director's
Responsibilities for the Standalone Financial
Statements

The Company's Management and Board of Directors are
responsible for the matters stated in Section 134(5) of the
Act with respect to the preparation of these standalone
financial statements that give a true and fair view of the
financial position, financial performance including other
comprehensive income, changes in equity and cash flows of
the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting
Standards (Ind AS) specified under Section 133 of the Act
read with relevant Rules issued thereunder.

This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the
Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and
presentation of the standalone financial statements that give
a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the standalone financial statements, the
Management and the Board of Directors are responsible
for assessing the Company's ability to continue as a going
concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting
unless the Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.

Those Board of Directors are also responsible for overseeing
the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the
Standalone Financial Statements

Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
with the SAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these
standalone financial statements.

As part of an audit in accordance with SAs, we exercise

professional judgement and maintain professional skepticism

throughout the audit. We also:

• Identify and assess the risks of material misstatement of
the standalone financial statements, whether due to fraud
or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)
(i) of the Act, we are also responsible for expressing our
opinion on whether the Company has adequate internal
financial controls with reference to standalone financial
statements in place and the operating effectiveness of
such controls.

• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures in the standalone financial statements
made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management's
and Board of Director's use of the going concern basis of
accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the
Company's ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are
required to draw attention in our auditor's report to the
related disclosures in the standalone financial statements
or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor's report. However,
future events or conditions may cause the Company to
cease to continue as a going concern.

• Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the
financial statements and other financial information of a
limited liability partnership firm to express an opinion on
the standalone financial statements. For limited liability
partnership firm included in the standalone financial
statements, which have been audited by other auditor,
such other auditor remain responsible for the direction,
supervision and performance of the audits carried out by
them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify
during our audit.

We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the standalone financial statements
for the financial year ended March 31, 2026 and are
therefore the key audit matters. We describe these matters
in our auditor's report unless law or regulation precludes
public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should
not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication

Other Matter

We did not audit the financial statement and other financial
information, in respect of a limited liability partnership firm,
whose financial statement and other financial information
include the Company's share of loss of Rs 3.01 million for the
year ended March 31, 2026, included in the accompanying
standalone financial statements. The financial statement
and other financial information of the said limited liability
partnership firm have been audited by other auditor. The
financial statement and other financial information including
independent auditor's reports of the limited liability
partnership firm have been furnished to us by the management.
Our opinion on the standalone financial statements, in so
far as it relates to the amounts and disclosures included in
respect of the limited liability partnership firm and our report
in terms of sub-sections (3) of Section 143 of the Act, in so far
as it relate to the aforesaid limited liability partnership firm, is
based solely on the report of such other auditor.

Our opinion on the standalone financial statements and our
report on other legal and regulatory requirements below, is
not modified in respect of above matter with respect to our
reliance on the work done and the report of the other auditor.

Report on Other Legal and Regulatory
Requirements

1. As required by the Companies (Auditor's Report) Order,
2020 (the "Order") issued by the Central Government
of India in terms of sub-section (11) of section 143 of
the Act, we give in the "Annexure A" a statement on the
matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information
and explanations which to the best of our
knowledge and belief were necessary for the
purposes of our audit;

(b) In our opinion, proper books of account as
required by law have been kept by the Company
so far as it appears from our examination of those
books except for the matters stated in paragraph
2(i)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

(c) The standalone balance sheet, the standalone
statement of profit and loss (including the other
comprehensive loss), the standalone statement of
changes in equity and the standalone statement
of cash flows dealt with by this Report are in
agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial
statements comply with the Ind AS specified under
section 133 of the Act.

(e) On the basis of the written representations
received from the directors as on March 31, 2026
taken on record by the Board of Directors, none of
the directors is disqualified as on March 31, 2026
from being appointed as a director in terms of
Section 164 (2) of the Act;

(f) With respect to the adequacy of the internal
financial controls with reference to the standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to
our separate report in "Annexure B" to this report.
Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of
the Company's internal financial controls with
reference to standalone financial statements.

(g) The modification relating to the maintenance of
accounts and other matters connected therewith
are as stated in the paragraph 2(b) above on
reporting under Section 143(3)(b) of the Act and
paragraph 2(i)(vi) below on reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules,
2014 (as amended).

(h) In our opinion and according to the information
and explanations given to us, the managerial
remuneration for the year ended March 31, 2026
has been paid/provided by the Company to its
directors in accordance with the provisions of
section 197 read with Schedule V of the Act.

(i) With respect to the other matters to be included in
the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014,
as amended, in our opinion and to the best of our
information and according to the explanations
given to us:

i. The Company has disclosed the impact of
pending litigations as at March 31, 2026 on
its financial position in its standalone financial
statements - refer note no. 37(a) of notes to
the standalone financial statements;

ii. The Company did not have any long-term
contracts including derivative contracts
for which there were any material
foreseeable losses;

iii. There are no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Company.

iv. a) The management has represented that,

to the best of its knowledge and belief
as disclosed in note no-46 (vi) of notes
to the standalone financial statements,
no funds have been advanced or loaned
or invested (either from borrowed funds
or share premium or any other sources
or kind of funds) by the Company to or
in any other person or entities, including
foreign entities ("Intermediaries"),
with the understanding, whether
recorded in writing or otherwise,
that the Intermediary shall, whether,
directly or indirectly lend or invest
in other person or entities identified
in any manner whatsoever by or on
behalf of the Company ("Ultimate
Beneficiaries") or provide any guarantee,
security or the like on behalf of the
Ultimate Beneficiaries;

b) The management of the Company has
represented that, to the best of its
knowledge and belief as disclosed in note
no-46 (vii) of notes to the standalone
financial statements, no funds have
been received by the Company from